Q: If you borrow $140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, how much will you owe in simple interest at the end of the life of the

loan? Answer: $140,000.00 x .03 x 5 years

A: If you borrow $140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, the interest you will owe at the end of 5 years is $21,000. 140,000*.03*5=21,000

Expert answered|reign_23|Points 0|

Question

Asked 1/1/2013 10:20:43 AM

Updated 1/1/2013 11:58:49 AM

1 Answer/Comment

This conversation has been flagged as incorrect.

Flagged by debnjerry

Rating

3

If you borrow $140,000.00 from your bank at rate of simple interest of 3% for a period of 5 years to start up your business, the interest you will owe at the end of 5 years is $21,000.

140,000*.03*5=21,000

140,000*.03*5=21,000

Added 1/1/2013 11:58:49 AM

This answer has been added to the Weegy Knowledgebase

25,769,372 questions answered

There are no comments.